Office

SHERWOOD EQUITIES COMPLETES $24 MILLION CAPITAL IMPROVEMENT

by admin July 1, 2009

NEW YORK CITY — Sherwood Equities has completed a $24 million capital improvement program at 370 Lexington Avenue in Manhattan, New York City. The 27-story, 307,000-square-foot office building, situated one block south of Grand Central Terminal, is designed for tenancies as small as 500 square feet and as large as 10,000 square feet. Currently about 93 percent occupied, 370 Lexington has both white-box and pre-built space available, with the pre-built units including pantries with granite countertops and stainless steel appliances. Sherwood has installed an on-site leasing and management team, and also has an in-house architect, construction team and attorney on hand to provide for tenant occupancy in as little as two weeks. Recently concluded improvements include new HVAC and sprinkler infrastructures, a modernized lobby with a new security desk and a more efficient visitor management system, an upgraded conference center that is free of charge to tenants, renovated restrooms and hallways, upgraded windows on several floors, and the creation of a basement storage space for tenants. The building exterior has been restored and boasts new signage, and retail storefronts have been upgraded for uniformity.

July 1, 2009

COOPER COMMERCIAL FACILITATES $3.15 MILLION OFFICE SALE

by admin June 30, 2009

STRONGSVILLE, OHIO — The Cooper Commercial Investment Group of Cleveland has negotiated the sale of the ownership interest in a multi-tenant office building in Strongsville for $3.15 million. Located at 14843 Sprague Rd., the Sprague Road Office Building is a 21,850-square-foot split-face building that was built in 2004, and features access to interstates 71, 80 and 480. Bob Havasi and Dan Cooper of Cooper Commercial negotiated on behalf of the Cleveland-based owner; the undisclosed buyer was also based in Cleveland. The transaction closed at an 8.78 percent cap rate.

June 30, 2009

Northeast Office

CONSTRUCTION BEGINS FOR UMASS DATA CENTER

by admin June 30, 2009

WORCESTER, MASS. — Construction has begun for a new data center for the University of Massachusetts Medical School. The facility will be located in Worcester. Construction will consist of the renovation of 30,000 square feet within an existing 225,000-square-foot facility. The suite will include 7,000 square feet of data center and support space for the medical school, as well as the office of the president of the university. Completion is scheduled for March 2010. The construction manager for the project is Tishman Construction Corp. and the owner is Worcester City Campus Corp.

June 30, 2009

Northeast Office

FOUR STATE AGENCIES LEASE 138,000 SQUARE FEET AT 1000 WASHINGTON

by admin June 30, 2009

BOSTON — Four Commonwealth of Massachusetts agencies have taken 138,000 square feet of office space at 1000 Washington Street, an 11-story, 242,000-square-foot office tower located in Boston’s South End that is owned by Nordic Properties. The agencies are all part of the Department of Consumer Affairs and include the Department of Telecommunications and Cable, the Division of Banks, the Division of Insurance and the Division of Professional Licensure. They will occupy floors six through 10, and will share IT facilities and public meeting spaces. The agencies are expected to take occupancy in December. Nordblom Development Co., the parent company of Nordic, will oversee the tenant build-out, and Nordblom Management Co. will oversee property management of the building. Formerly the world headquarters for Teradyne, 1000 Washington Street is situated on a 2-acre city block adjacent to the city’s Financial District and Chinatown. It features a brand new lobby reception area with two outdoor plazas, a top-floor café, a lower-level fitness center and an attached 310-space parking garage.

June 30, 2009

Office Texas

DUKE COMPLETES LEASE OF 100,000-SQUARE-FOOT OFFICE BUILDING

by admin June 30, 2009

PLANO, TEXAS — The Dallas office of Duke Realty Corp. has leased a 100,000-square-foot office building located in Plano to MedAssets. The building is situated at 5556 Tennyson Pkwy. within Legacy Business Park. MedAssets will take occupancy in two phases. In September, MedAssets will occupy 50 percent of the building, which was leased but not occupied by the current tenant, Oracle. In the fourth quarter of 2010, MedAssets will take occupancy of the remaining half of the building, concurrent with the termination of Oracle’s lease of the remaining space. MedAssets will be consolidating two of its Dallas-area offices into the new location, which will serve as the company’s new regional headquarters. MedAssets was represented in lease negotiations by John Flack of Cresa Partner’s Atlanta office, as well as CB Richard Ellis’ Jeff Ellerman, Scott Hobbs and Robert Blount. Oracle was represented in the termination of its lease by Greg Langston and Brett Hefton of Cresa Partners’ Dallas office. Duke was represented in-house by Ben Appleby and by Dale Ray of Peloton.

June 30, 2009

Office Texas

ADLER SIGNS THREE LEASES AT TENNYSON OFFICE PARK

by admin June 30, 2009

PLANO, TEXAS — Adler Realty Investments has signed three leases at Tennyson Office Park, located in Plano. CreditAnswers has signed a lease for 31,000 square feet; Real Estate Disposition Corp. has signed a lease for 14,000 square feet; and Infosys has renewed and expanded its lease by 10,000 square feet, bringing its total to 41,000 square feet leased. Rick Rensi and Clay Gilbert of CB Richard Ellis (CBRE) represented Adler in lease negotiations. Baron Aldridge CBRE represented CreditAnswers; Nelson Somerville of Vaughn Commercial Realty Group represented Real Estate Disposition Corp.; and Pat O’Keefe of CBRE represented Infosys. Terms of the leases were not disclosed.

June 30, 2009

Office Southeast

GENSLER TO RENOVATE 1 MILLION-SQUARE-FOOT OFFICE TOWER

by admin June 29, 2009

WASHINGTON, D.C. — The Washington office of Gensler Associates will redesign the 1 million-square-foot Washington Square office tower starting later this year. Twenty retail shops also occupy space in the building. The property, located at 1050 Connecticut Ave. in Washington, is owned by Lerner Enterprises and The Tower Companies. Renovations include enhanced access-control systems, a new elevator system and additional bike racks.

June 29, 2009

Northeast Office

LANY TAKES SPACE ON MADISON AVENUE

by admin June 29, 2009

NEW YORK CITY — Denham Wolf Real Estate Services has brokered a 10-year, 7,200-square-foot lease at 171 Madison Ave. in Manhattan, New York City, for Lawyers Alliance for New York Inc. (LANY). The company, which provides business and transactional legal services for nonprofit organizations, will use this new space for its general, executive and administrative offices. Paul Wolf and Amy Lawrence of Denham Wolf Real Estate Services represented the tenant in the transaction while Brian Steinwurtzel and Andrew Udis of Newmark Knight Frank represented ownership, a partnership that is part of Newmark Holdings. Details of the lease were undisclosed, but the asking price was $36 per square foot. Built in 1914, the 16-story building features 113,182 square feet.

June 29, 2009

Office Texas

TOP FLOOR OF 4 WATERWAY SQUARE LEASED

by admin June 29, 2009

THE WOODLANDS, TEXAS — Beusa Energy Inc. has leased the top floor of the new 4 Waterway Square office building in The Woodlands. Located at the intersection of Waterway Square Place and Woodloch Forest Drive in The Woodlands Waterway Square District, the Class A building is under construction with completion expected in early September. Beusa will relocate from its current offices in the Parkwood Building at 10077 Grogan’s Mill Rd. to its new 24,592-square-foot space at 4 Waterway Square in December. Boston-based Elkus-Manfredi designed the nine-story, 216,000-square-foot office building, which is being built by Harvey Builders of Houston. Gensler Houston is the architect of record. The Woodlands is a project of The Woodlands Development Company.

June 29, 2009

Office Southeast

TENNESSEE OFFICE DEVELOPMENT STARTED

by admin June 26, 2009

CLEVELAND, TENN. — Dayton, Tenn.-based Dillard Construction has broken ground on the first phase of Green Development Group’s 26,000-square-foot Ocoee Commons Professional Office Park, located on Ocoee Crossing in Cleveland. The initial phase includes 13,738 square feet, with the remainder of the space being constructed during phase two. A little more than 2,000 square feet has already been leased.

June 26, 2009

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